NIGERIA REAFFIRMS COMMITMENT TO OPEC AND OPEC+ COOPERATION FRAMEWORK

Sources within Nigeria’s Ministry of Petroleum Resources have indicated that the country remains firmly committed to the principles and objectives of the Declaration of Cooperation between the Organization of the Petroleum Exporting Countries (OPEC) and its allies under OPEC+. This position highlights Nigeria’s continued alignment with collective efforts aimed at ensuring stability in the global oil market.

According to the sources, Nigeria recognizes the critical role of OPEC and OPEC+ in managing oil supply, reducing market volatility, and fostering a more predictable pricing environment. These coordinated efforts are considered vital to sustaining global economic stability and supporting long-term energy development across producing and consuming nations.

The Ministry, as quoted by the source, further noted that Nigeria will maintain adherence to agreed production frameworks while constructively engaging with fellow member countries to strengthen cooperation and market balance. At the same time, it emphasized that national interest remains a key consideration in all decisions, ensuring that domestic economic priorities are not compromised.

Overall, Nigeria’s position reflects a balanced approach, demonstrating strong support for multilateral energy cooperation while safeguarding its economic interests within the evolving global energy landscape.